Jeevan Anand Vs Jeevan Umang: Which LIC Plan is Right for You?

LIC Jeevan Anand is an endowment plan that provides a lump sum benefit after a fixed term, along with life coverage, whereas LIC Jeevan Umang is a whole life assurance plan that offers lifelong coverage with regular income after the premium payment term. Let's discuss Jeevan Anand vs Jeevan Umang to help you understand the key differences in features, benefits, payouts, and suitability so you can choose the plan that best fits your needs.

Comparison Between LIC Jeevan Anand & LIC Jeevan Umang

The above-mentioned features have been described in detail for each of these plans.

Overview of the Plans

Let’s read about these two plans:

About LIC New Jeevan Anand

LIC Jeevan Anand Plan is a Participating Life Assurance plan that offers a combination of protection and savings. It provides the sum assured to the family on the policyholder's demise. If the policyholder lives until the end of the policy term, he/she will get a lump sum payout as the maturity benefit.

About LIC Jeevan Umang

LIC Jeevan Umang is also a participating policy but unlike Jeevan Anand, it is a whole-life assurance plan with coverage till the age of 100. The plan provides annual survival benefits after the completion of premium payment tenure. Also, a lump-sum payment is made at the time of maturity or on the death of the policyholder during the policy term.

Benefits of LIC Jeevan Anand Policy

1. Death Benefit

   In case of the insured person's demise, the beneficiary receives the sum assured on death along with bonuses. The death benefit is equal to 125% of the basic sum assured or 7 times the annual premium, whichever is higher.

2. Maturity Benefit

   In case the life insured survives the entire tenure of the policy, LIC pays him/her the Basic Sum Assured amount along with the Accrued Bonuses.

3. Participation in Profits

   This policy participates in the profits of LIC of India. Based on the profits in a year, LIC declares a bonus rate, which accrues every year and is paid along with the death or maturity benefit.

Riders Available with LIC Jeevan Anand

LIC Jeevan Anand policy provides enhanced protection with riders:

• Accidental Death and Disability Benefit Rider: Offers a lump sum on accidental death and monthly payouts with premium waiver on accidental disability under an in-force policy.

• Accident Benefit Rider: Offers a lump sum on accidental death if opted under an in-force policy.

• New Term Assurance Rider: Offers an additional sum assured on death during the policy term and can only be added at the time of buying the policy.

Note: Only one of the two Accidental Death riders can be chosen.

Eligibility Conditions of LIC New Jeevan Anand

Benefits Of LIC Jeevan Umang Policy

The following are the benefits offered under LIC Jeevan Umang Policy

1. Death Benefit

   On the demise of the policyholder during the policy term, the higher the basic sum assured amount or 7 times the annualized premium is paid to the family of the insured.

2. Survival Benefit

   If the life assured survives till the end of the premium paying term, the Survival benefit equal to 8% of the Basic Sum Assured shall be payable each year till death or maturity.

3. Maturity Benefit

   On survival of the life assured throughout the policy tenure, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, will be paid on the date of maturity.

Rider Available With LIC Jeevan Umang Policy

LIC Jeevan Umang plan also provides enhanced protection with the following riders:

• Premium Waiver Benefit Rider: Available for policies where the Life Assured is a minor, waives future premiums on the base policy if the proposer dies during the rider term.

• New Term Assurance Rider: Offers an additional sum assured on death during the policy term and can only be added while buying the policy.

• Accidental Death and Disability Benefit Rider: Provides a lump sum in case of accidental death, and in case of accidental disability, offers monthly payouts along with a waiver of future premiums, under an active policy.

• Accident Benefit Rider: Offers a lump sum payout on accidental death if opted under an in-force policy.

Note: Only one of the two Accidental Death riders can be chosen.

Eligibility Conditions of LIC Jeevan Umang

Sample Illustration Examples

Let’s understand these two plans with the help of their examples:

LIC New Jeevan Anand Policy

Let us take an example of a 30-year-old male who chooses a sum assured of 3 Lakhs. The LIC Jeevan Anand 3 Lakh policy will have the premium amounts in various policy terms as follows:

Using the LIC Jeevan Anand calculator, policyholders can calculate the amount of their premium for any policy term from 15-35 years.

LIC Jeevan Umang Plan

Let us take an example of a 30-year-old male who chooses a sum assured of 3 Lakhs for a policy term of 70 years. The premium amounts for a 15-year premium payment term will be as follows:

LIC Jeevan Umang policy calculator can be used tioo calculate the amount of their premium for any premium paying term, check sum assured, policy term, premium paying term and age.

Which One Should You Choose?

• Choose LIC Jeevan Anand if you:

  • Prefer a lump sum payout after a fixed term.

  • Want life cover even after maturity.

  • Are focused on long-term savings and protection.

• Choose LIC Jeevan Umang if you:

  • Want a regular income after retirement.

  • Need life cover up to 100 years.

  • Are looking for a pension-like plan with survival benefits.

How To Buy LIC Plans From Policybazaar?

Whether it's LIC Jeevan Anand or LIC Jeevan Umang, both plans offer valuable benefits in their own way. One may suit your needs better depending on your goals, but what matters most is having a life insurance policy for financial protection. Here is how you can buy LIC plans from Policybazaar:

Step 1: Go to the LIC Policybazaar page.

Step 2: Fill out the form at the top with your name and mobile number. Click on “View Plans”.

Step 3: Provide your current age, resident city and annual income.

Step 4: Select the plan you wish to buy, and click on “Get Details”.

Step 5: Review the details such as premium amount, policy tenure, etc. and make an online payment.

Summing It Up

This complete comparison between Jeevan Anand vs Jeevan Umang will surely help you select the policy that is suitable for your preference. Be it Jeevan Anand or Jeevan Umang, both LIC plans have their pros and cons and are meant to fulfill different requirements of different individuals. So, the ultimate choice is up to you.